The Nigerian Exchange (NGX) closed in negative territory on Wednesday, March 18, 2026, with the All-Share Index shedding 0.72% to finish at 1506.11 points, in a session marked by a brutal divergence between crashing oil stocks and surging insurance plays, according to official exchange data. Market breadth revealed palpable caution among operators: out of 148 listed stocks, only 31 advanced against 38 decliners and 79 unchanged, translating selective participation despite the benchmark index's relatively modest retreat. Total market capitalization, which had crossed N130 trillion the previous day according to Nairametrics, struggled to find fresh momentum amid headwinds from global commodity volatility.
Insurance Surges, Oil Plunges
The insurance sector stole the spotlight with spectacular performance. Conversely, the energy and agro-industrial sectors suffered severe correction. Aradel Holdings (ARADEL), the recent oil and gas entrant, collapsed 9.7% to 1210.3 NGN, while Presco Plc (PRESCO), the palm oil giant, plummeted 9.3% to 1701.1 NGN. These declines occurred against a backdrop of persistent crude oil price volatility, with Brent trading at $102.99/bbl (-0.4% on the day, -0.1% on the week), as Middle East geopolitical tensions and global recession fears create an uncertain environment for commodity producers.
Consumer Goods Resilient, Logistics Suffers
Consumer goods stocks provided a positive counterpoint to the session. Guinness Nigeria (GUINNESS) shone with a 9.9% surge to 423.2 NGN, while John Holt Plc (JOHNHOLT) advanced 9.7% to 11.85 NGN. Secure Electronic Technology (NSLTECH) even recorded the day's best performance with a 10% jump to 1.32 NGN, illustrating investor appetite for small-cap technology plays. However, the logistics sector took a heavy beating. hit the lower circuit limit with a , penalized by uncertainties over energy costs and demand. The mortgage banking sector was not spared, with retreating , while lost .